ECONOMICS
PROFIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
to have a lot of money
|
|
|
to go to the nearest store
|
|
|
buy the things you must have
|
|
|
to buy everything you would like
|
Detailed explanation-1: -Defining needs and wants. A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else.
Detailed explanation-2: -wants is relatively simple. Needs are required for you to lead a healthy life, while wants are things that you’d like to have but could ultimately live without. But examples of wants and needs can be extremely helpful for understanding how these fit into your budget.
Detailed explanation-3: -Needs and Wants Businesses make a profit by providing things that people need and want. There is a difference between a need and a want. A need is something essential to survive. A want is something which we would like but do not need to survive.
Detailed explanation-4: -In marketing, a need is the consumer’s desire to get functional utility out of an offering. It’s the desire for the offering’s specific benefit that helps the consumer get the job done. On the other hand, a want is a desire for offerings or benefits that are not necessary. For example, food is a consumer need.